Crude climbed about 1% on favourable economic indicators from China and US
Oil prices rose by approximately 1% on Friday, with Brent crude marking its first weekly gain in three weeks. This increase was driven by positive economic indicators from China and the United States
Oil prices rose by approximately 1% on Friday, with Brent crude marking its first weekly gain in three weeks. This increase was driven by positive economic indicators from China and the United States, the world's leading oil consumers.
China's industrial output surged 6.7% year-on-year in April, indicating a robust manufacturing recovery and potential for higher oil demand. The country also introduced significant measures to stabilise its troubled property sector, further boosting market sentiment.
Brent futures increased by 71 cents or 0.9% to settle at $83.98/barrel.
WTI rose by 83 cents or 1.1% to settle at $80.06/barrel.